currency market outlook for 8 January 2015

mcx-sx rupee future technical levels for 8 January 2015

Mcxsx dollar rupee future last closed at 63.47 with loss. In intraday usdinr, future made high at 63.88 while low was at 63.45. Total 43-paisa intraday range and closed with loss. For intraday, us dollar has strong support on downside at 63.2 and resistance at 63.8. With stop loss stay short for more downside for dollar.
Mcxsx euro rupee future last closed at 75.2 with 88-paisa gain. In intraday eurinr future hit high around 75.83 while low was at 75.14. Total 70-paisa intraday range and closed with loss. For intraday euro has 74.5 as support and 75.5 as strong resistance. Euro is heading towards 73-72 historic support against rupee.
Mcxsx pound rupee future last closed at 96.03 with loss. In intraday gbpinr, future hit high at 96.7 while low was at 95.98. Total 72-paisa intraday range and closed with loss. For intraday pound has support around 95 while 96.5 is as strong resistance. Pound is heading for fresh medium term low possible bottom at 95-94.
Mcxsx yen rupee future last closed at 53.31 with loss of 37 paisa. In intraday jpyinr, future hit high at 53.72 while low was at 53.28. Total 45-paisa intraday range and closed with loss. Yen intraday support at 52.8 and resistance is at 53.8. Expect downside as yen resumed downtrend on market recoveries.

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Pramod Baviskar

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